Reported about 2 months ago
Oil prices are increasing due to escalating tensions in the Middle East following an Israeli attack on Hezbollah in Lebanon, combined with Libya's decision to suspend oil exports. Despite high inventory levels indicating that supply and demand are balanced, fears of demand decline persist in the market, suggesting that significant supply disruptions are necessary to change the current price trajectory. Experts believe that OPEC is in a difficult position, losing market share while hesitant to cut production amidst falling prices.
Source: YAHOO